Mixed-Use Property with High
For Sale
$615,000
Pending
1639 N Salina St, Syracuse, NY 13202
Corner lot with commercial space and four apartments, fully rented.
Property Size6,024 SF
Days on Market290
Property Features for 1639 N Salina St
General Information
Standard status
Pending
Size
6,024 SF
Taxes and HOA fees
Annual Taxes
$6,823
Listing Agency:
Coldwell Banker Prime Prop, Inc
(315) 446-2910
Listed By:
Susan Li · License #30LI0956504
(315) 446-2910
Source:
Exprealty
Added: Oct 28, 2025
Changed: Aug 8
Last Checked: Aug 12 at 12:09PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Prime Prop, Inc
Investment Insights
Based on property information with market context.
This corner lot property features a commercial store on the first level, currently operating as an art studio with a modern design. The upper level contains four 2-bedroom apartments. The property is fully occupied and well-maintained, with updated kitchens and bathrooms. It generates over $90,000 in rental income, representing over 12% cash on cash return. The property size is 6,024 square feet. This is a turnkey operation and a solid investment property.
Key Highlights
- Over $90K of rental income.
- Over 12% cash‑on‑cash return.
- 100% occupancy.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$54,035
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.79%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,080,700
$1.1M
Cap Rate 7%
$771,929
$771.9K
Cap Rate 9%
$600,389
$600.4K
Market Conditions
NOI Build-Up for 6,024 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$94.0K $15.60/SF
− Vacancy
−$7.5K −$1.25/SF
EGI
$86.5K $14.35/SF
− OpEx
−$32.4K −$5.38/SF
NOI
$54.0K $8.97/SF
Area
Syracuse, NY
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,080,700
Cap Rate 7%
$771,929
Cap Rate 9%
$600,389
Alternative Uses
Best Use
Apartment 5plus
$812.5K
$711.0K – $947.9K
NOI $56,876 @ 7.0% cap · market cap 9.25%
Second Best
Mixed Use
$771.9K
$675.4K – $900.6K
NOI $54,035 @ 7.0% cap · market cap 8.79%
Theoretical Best
Office A
$1.05M
$916.0K – $1.22M
NOI $73,283 @ 7.0% cap · market cap 11.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,228
Businesses Nearby
Explore this area
Business Placement
Demographics for 13202, NY
6,967
Population
3,525
Households
2
Avg Household Size
30
Median Age
36%
College-Educated
78%
High-School Grad
1.0 sq mi
ZIP Area
6,967
Density / Sq Mi
$27,365
Median Household Income
$35,990
Median Earnings
$807
Median Rent
$79,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner lot with commercial space and four apartments, fully rented.
Where is this mixed-use property located?
The property is located at 1639 N Salina St Syracuse, NY.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: Over $90K of rental income.; Over 12% cash‑on‑cash return.; 100% occupancy.
